Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    18241 Greenfield Rd Detroit, MI 48235-3121

    • Medical Office Space
    • 2,325 SF
    • 0.28 lot acres
    OFF-MARKET
    Last Sale
    Feb 26, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1425602
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • One of Five Sisters Jewelry / (Bike/Boat/Book/etc) Store
    • Academy Family Dental Group / Dental Office
    • Dr. Wendell Scales, DDS / Dental Office
    • Stein Leon D DDS / Dental Office

    Property Details for 18241 Greenfield Rd

    Year built
    1962
    Lot size
    0.28 lot acres
    Property size
    2,325 SF
    Zone code
    R2
    Property type
    Medical Office Space
    Property subtype
    Medical space
    APN
    22050671-6
    APU
    220506716

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2
    Latitude
    42.4238
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $5,754
    $0.00
    $0.00
    $104,900
    -
    $0.00
    $0.00
    $209,800

    Comparable in this City

    • Value Estimation by Request
      2,272 SF

      15201 Mcnichols Rd

      DENTAL BUILDING • 2,272 SF
      15201 Mcnichols Rd, Detroit, MI 48235-3717
      View Details
    • Value Estimation by Request
      1,054 SF

      13056 7th Mile Rd

      DENTAL BUILDING • 1,054 SF
      13056 7th Mile Rd, Detroit, MI 48235-1335
      View Details
    • Value Estimation by Request
      1,880 SF

      15924 7th Mile Rd

      DENTAL BUILDING • 1,880 SF
      15924 7th Mile Rd, Detroit, MI 48235-2954
      View Details
    • Value Estimation by Request
      2,870 SF

      17130 Schaefer Hwy

      DENTAL BUILDING • 2,870 SF
      17130 Schaefer Hwy, Detroit, MI 48235-4131
      View Details
    • Value Estimation by Request
      2,871 SF

      15245 7th Mile Rd

      MEDICAL CLINIC • 2,871 SF
      15245 7th Mile Rd, Detroit, MI 48235-2821
      View Details
    • Value Estimation by Request
      1,848 SF

      17376 Schaefer Hwy

      DENTAL BUILDING • 1,848 SF
      17376 Schaefer Hwy, Detroit, MI 48235-4133
      View Details

    Similar Nearby for Sale

    • $139,900
      3,142 SF

      Detroit Commercial Building on McNichols

      High-visibility commercial building suitable for retail, office, or medical use.
      16244 W Mcnichols Rd, Detroit, MI 48235
      View Details
    • $1,350,000
      6,200 SF

      Bank Anchored Investment Opportunity

      Multi-tenant property with Bank of America and pharmacy tenants.
      13403 W Seven Mile Rd, Detroit, MI 48235
      View Details
    • $1,300,000
      16,016 SF

      Greenfield Road Medical/Office Building

      16,016 SF medical/office building in Detroit for sale.
      19141 Greenfield Rd, Detroit, MI 48235
      View Details
    • $229,000
      3,958 SF

      Detroit Commercial Building For Sale

      Turn-key professional office space in high-traffic Detroit corridor.
      18268 James Couzens Fwy, Detroit, MI 48235
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    18241 Greenfield Rd
    Detroit, MI 48235-3121
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!